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Project Name AMC Consultants Pty Ltd ABN 58 008 129 164 STRIEBORNÁ VEIN SILVER PROJECT, ROŽŇAVA MINING DISTRICT, SLOVAK REPUBLIC Latitude 48° 40' 29˝ N, Longitude 20° 32' 31˝ E TECHNICAL REPORT for GLOBAL MINERALS LIMITED Suite 308. 837 West Hastings Street Vancouver, British Columbia V6C 3N6, Canada Prepared by Qualified Person Eur Ing ZYGMUNT JAKUBIAK, MSc, DIC, FIMMM, C Eng, FGS (London), C Geol, Eur Geol, MAusIMM In accordance with the requirements of National Instrument 43-101, “Standards of Disclosure for Mineral Projects”, of the Canadian Securities Administrators AMC 108020 Effective Date 22nd April 2008 Level 19 Ground Floor Level 12 Ground Floor Level 7, Nicholsons House Suite 1040, 609 Granville Street 114 William Street 9 Havelock Street 179 North Quay 4 Greenhill Road Nicholsons Walk, Maidenhead PO Box 10327, Pacific Centre MELBOURNE VIC 3000 WEST PERTH WA 6005 BRISBANE QLD 4000 WAYVILLE SA 5034 BERKSHIRE SL6 1LD VANCOUVER BC V7Y 1G5 AUSTRALIA AUSTRALIA AUSTRALIA AUSTRALIA UNITED KINGDOM CANADA T +61 3 8601 3300 T +61 8 6330 1100 T +61 7 3839 0099 T +61 8 8201 1800 T +44 1628 778 256 T +1 604 669 0044 F +61 3 8601 3399 F +61 8 6330 1199 F +61 7 3839 0077 F +61 8 8201 1899 F +44 1628 638 956 F +1 604 669 1120 www.amcconsultants.com.au GLOBAL MINERALS LIMITED Technical Report SUMMARY This Technical Report on the Strieborná Vein silver-copper-antimony project (Strieborná Project) in eastern Slovakia has been prepared by Eur Ing Zygmunt Jakubiak, Principal Geologist of AMC Consultants Pty Ltd (AMC), Melbourne, Australia, for Global Minerals Limited (the Issuer) of Vancouver, Canada. The main purpose of the report is to present AMC’s estimate of the current mineral resource in accordance with the requirements of National Instrument 43-101 (NI 43-101), “Standards of Disclosure for Mineral Projects”, of the Canadian Securities Administrators. The author meets the requirements of a Qualified Person as defined in NI 43-101 and is independent of the Issuer. The Strieborná Project is an advanced exploration property centred on a silver-copper- antimony-bearing siderite-quartz vein, in which tetrahedrite in the main silver, copper and antimony mineral. The vein is situated within Mining License Rožňava III, which along with contiguous Mining License Rožňava I covering the historic Mária Mine, is held by Global Minerals Slovakia s.r.o. The Issuer has a 60% interest in Global Minerals Slovakia s.r.o. with an option to earn a further 10% interest. The mining licences overlap the northern edge of the old mining town of Rožňava in the southern foothills of the Spiš-Gemer Ore Mountains in Košice Self-Governing Region. Rožňava is a county town with some 20,000 inhabitants. It has modern road and rail links with Košice, 70 km to the east, and with Bratislava, the capital of Slovakia, 320km to the west. The Košice Region has its own electric power generating infrastructure and modern telecommunications network. In geological terms, the area is situated in the Gemericum metallogenic province of the Inner Western Carpathians. This is a terrane underlain predominantly by Palaeozoic rocks deformed and metamorphosed in the upper greenschist facies during the Variscan deformation cycle in late Palaeozoic and reactivated during the Alpine deformation in Cretaceous to Tertiary. The Strieborná Vein and other veins in the Rožňava area are believed to have been derived through leaching of stratiform siderite bodies by metamorphic fluids and redeposition of siderite with quartz and sulphides in open structures. Eleven phases of deformation have been documented in the underground workings. Following its discovery in 1981, the Strieborná Vein was systematically explored on four underground levels totalling over 3,000m in length. Exploration was conducted by the exploration branch of the Slovak Geological Survey in three phases from 1982 to 1994. The exploratory underground workings comprise drives either directly in the vein or in its footwall with sampling crosscuts at regular intervals to intersect the whole width of the vein. In addition, the vein has been exposed along strike on two sublevels, totalling 170m in length, and in two raises. On Level 8, 80m above sea level, channels were cut across the vein along 300m of strike length from crosscuts at intervals of about 20-25m. On Level 10, 95m below Levels 8, channels were cut across the vein along 1350m of strike length at intervals of about 3-5m. On Level 13, 150m below Level 10, channel samples were taken across the vein along 1300m of strike length at intervals ranging from 4m to 8m. The vertical continuity of the vein was tested by underground diamond core drilling in three cross sections. Level 9 was developed 50m below Level 8 after the Geological Survey had completed its exploration. AMC 108020 : April 2008 i GLOBAL MINERALS LIMITED Technical Report The Strieborná Vein strikes north-east and has a propeller shape with subvertical dips in the centre changing to south-eastern in the southwestern part of the vein and to north- western dips in the in the northeast. Vein widths range from less than a meter to 8m, averaging about 2.5m. Its vertical extent is over 500m. The vein has no surface exposure, although there are traces of old workings that could follow a subsidiary vein structure branching off the Strieborná Vein. Tetrahedrite mineralisation was emplaced into a complicated system of fractures developed along the margins of quartz ladder veins and within siderite during late stages of brittle deformation. The mineralisation is erratic and its intensity is a function of the intensity of deformation which was controlled by the ductility of the host rocks. Accordingly, the highest silver-copper-antimony grades are in those parts of the vein which are hosted by relatively ductile quartz-sericite phyllites on Levels 8 and 9 whilst lower grade mineralisation developed in parts of the vein hosted by competent porphyroids (mostly on Level 13). Results reported by the Geological Survey were checked in a programme undertaken by London-based CMX Resources Limited (CMX). The programme involved detailed geological mapping of the underground workings, structural and mineralogical studies and verification sampling. The CMX work confirmed geological interpretations made by the Geological Survey and the overall grade distribution on the various levels of the underground development. The CMX programme was conducted in 1994 and was the last exploration activity on site. The underground workings were flooded in 1998-2000. AMC has estimated the current mineral resource using a database generated by the Geological Survey and incorporated CMX sampling results from Sublevel 9, which is situated 8m above Level 9. The database used in the estimate comprises 394 channel samples and ten drillhole intercepts. Sampling methods, sample preparation, sub- sampling, analytical methods and procedures followed by the Geological Survey and well as quality control measures are considered reliable and adequate for an unbiased estimation of the Strieborná Vein resource.The estimation was done in a vertical plane parallel to the overall strike of the vein with the block model projected onto it. Ordinary kriging was used for grade estimation. Once grades were estimated, the block model was returned to its original position. A summary of the mineral resource is given in Table 1. The mineral resource is reported without a cut off grade applied as the form of the deposit and the mean silver, copper, antimony and iron grades are such that the Strieborná Vein has reasonable prospects for economic extraction in its entirety. The terms Mineral Resource, Measured Mineral Resource, Indicated Mineral Resource and Inferred Mineral Resource have the meanings ascribed to those terms by the Canadian Institute of Mining, Metallurgy and Petroleum as the CIM Standards on Mineral Resources and Reserves Definitions and Guidelines adopted by CIM Council on August 20, 2000. The Measured and Indicated Mineral Resource categories are defined with sufficient confidence to support a Preliminary Feasibility Study. AMC 108020 : April 2008 ii GLOBAL MINERALS LIMITED Technical Report Table 1 Current Mineral Resource of Strieborná Vein Mineral Horizontal Average Grades Quantity Resource Width Ag Cu Sb Fe Category Mt m g/t%%% Measured 215 5.8 468 2.2 1.4 20.6 Indicated 1,710 3.4 202 1.0 0.6 33.2 Inferred 1,500 3.2 280 0.9 0.6 33.6 NB: Tonnage includes estimated 35,000 tonnes of mined out development Process testwork on a bulk sample from the Strieborná Vein using the process developed by Sunshine Mining and Refining Company indicated that 90-95% of the tetrahedrite bearing silver and copper can be recovered by flotation. The flotation concentrate can then be treated for selective removal of antimony, arsenic and mercury using alkaline sulphide hydrometallurgy. From this, antimony or value-added antimony products can be produced, whilst arsenic and mercury can be precipitated, stabilised and disposed of in a managed waste disposal facility. The current mineral resource is unlikely to be materially affected by any environmental, permitting, legal, title, taxation, socio-political or marketing issues. The author of this report recommends that the Issuer continue its efforts to obtain the necessary permits to dewater and refurbish the underground workings and then undertake a Preliminary Feasibility Study. The author further recommends that subject to a positive outcome of the Preliminary Feasibility Study, the Issuer proceeds with a Full Feasibility Study to evaluate the economic feasibility of the selected development and production option to a the level of accuracy required for project financing. The budget required for the Preliminary Feasibility Study is estimated at US$3.5 Million, including about US$1 Million for dewatering and rehabilitation of the underground workings in the Strieborná Vein. A Feasibility Study is estimated to cost around US$4.5 Million, bringing the total to approximately US$8 Million.
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